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Filecoin (FIL) Price: Bearish Breakout Envisaged

Filecoin (FIL) Price: Bearish Breakout Envisaged
Filecoin (FIL) Price: Bearish Breakout Envisaged

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Filecoin is range-bound within $0.070 and $0.064

Filecoin Price Analysis – August 12

Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $7.2. In case bulls put in more pressure, the break out may occur at the upper trend line of the descending triangle and the resistance level of $9.4 may not hold, which may lead to further uptrend towards $10.6 and $11.7 levels.

FIL/USD Market

Key Levels:

Resistance levels: $9.4, $10.6, $11.7

Support levels: $7.9, $7.2, $4.9

FIL/USD Long-term Trend: Ranging

Filcoin is on the ranging movement in the daily chart. Filecoin reached the high of $11.7 on August 01. Bulls’ momentum can sustain the price at the level. The bearish pressure overpower the bulls and the price dropped to the support level of $7.9. The just mentioned level holds and the bears could not penetrate it. Likewise, the bulls’ momentum could not break up the resistance level of $9.4. The price is currently ranging within $9.4 and $7.9.

At the moment, the price is trading around 9-day EMA and 21-day EMA. There is a probability for a breakout of the price from the descending triangle towards the south this week. Should bears increase their momentum, there is a probability that the price will experience downtrend movement towards the support level of $7.2. In case bulls put in more pressure, the break out may occur at the upper trend line of the descending triangle and the resistance level of $9.4 may not hold, which may lead to further uptrend towards $10.6 and $11.7 levels. The relative strength index Period 14 on the daily chart is at 58 parallel to the level displaying no specific direction.

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FIL/USD Price Medium-term Trend: Bearish

On the 4-Hour chart, the price is on the bearish movement. It seems the bears are exerting more pressure and the price is declining towards the lower trend line of the triangle. The sellers need more pressure to break down the lower trend line. The price is trading within the “descending triangle” pattern. The 9-day EMA crossed the 21-day EMA downside with the price below the two EMAs.

Filecoin (FIL) Price: Bearish Breakout Envisaged

However, the relative strength index Period 14 is at 46 levels, with the signal lines directed towards the south indicate a sell signal.

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